16. Your company will be buying new equipment starting 6 years from today. The equipment will cost $2,500,000 payable in five equal annual installments. Already the company has set aside $500,000. How much additional does the company need to set aside each year over the next 5 years assuming it can earn 7% interest? (Treat this as an ordinary annuity.)

PLEASE SHOW HOW WOULD IT BE DONE IN THE CALCULATOR?